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Trouble with your company tax return? This simple tip will help you get it done in minutes

by , 08 October 2014
It takes a lot of time to compile your taxes and complete your tax return. For some businesses, this process takes weeks because they have to go through every document and enter every amount they can to keep track of what they can claim and what they can't.

This process can result in serious errors on your tax return simply because of the vast amount of paper work that goes into it.

But errors are avoidable. All you have to do is use this simple tip and you'll be able to do your tax return in a matter of minutes...


This tip will help you manage your taxes and do your return in minutes

The reasons doing your company's tax return becomes such a complicated mess is because you spend 11 months of the year ignoring them and the have to put 12 months' worth of documents together in one go.
The tip to avoiding this problem is simply to make your tax management an ongoing process. Every time you get a document you can use for tax purposes or do something that results in additional tax, such as making a donation, you must deal with it then and there. 
So how do you do this?
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Know the Law on Avoiding Tax: You Are Now Presumed GUILTY
Dealing with SARS and acing your SARS Audit
SARS has been dealt a better hand in dealing with you if you try to avoid tax. SARS knows where it stands. The question is: do you?
Do you plan on obtaining an 'innocent' tax benefit? If your main or only reason for entering into any arrangement is to receive a tax benefit, SARS will brand you guilty of avoiding tax...and guess who has to prove their innocence… YOU!

Deal with your taxes on a day-to-day basis

To manage your taxes, create a folder for all your documents and a spreadsheet for all your deductible amounts. 
Every time you get a bill or a letter of account, file it away in the correct folder so you can find it when you need it.
Then, if it's an amount you can claim as a tax deduction, enter it into the spreadsheet with a description, amount and date.
Doing this will help you find everything you need to correctly manage your taxes and complete your tax return in minutes.
For more advice on how to manage your taxes check out the Digital Practical Tax Handbook. It's just like having a tax expert on your computer. 

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